Are you married and unsure whether to file your taxes as ‘married filing jointly’ or ‘married filing separately’? This guide explains the key differences and helps you decide which option best suits your financial situation. Key Takeaways Married filing jointly typically provides greater tax advantages, such as a higher standard deduction and more favorable tax…
Filing Form 5472 is a must for foreign-owned U.S. corporations and foreign corporations in U.S. trade or business. This IRS form records reportable transactions with related parties and is key to preventing tax evasion. If you’re tasked with completing Form 5472, this article is your step-by-step resource for accurate filing, including who must file, reportable…
Staying on top of your LLC’s tax deadlines is crucial for keeping your financial house in order. In 2024, the timing of your federal tax filing depends on your LLC’s tax classification. Missing these deadlines can lead to penalties, so it’s essential to understand and plan accordingly. Dive into our guide for expert advice on…
The Internal Revenue Service (IRS) has recently made an important announcement regarding changes to the Form 1099-K reporting threshold for third-party payment organizations, such as payment apps and online marketplaces. In response to feedback from taxpayers, tax professionals, and payment processors, the IRS has delayed the implementation of the new $600 reporting threshold until tax…